|Acquisition of Wharf T&T by MBK Partners and TPG Completed|
Wharf T&T Builds on Current Success and Enters a New Era of Growth
Hong Kong , November 10, 2016 —MBK Partners, North Asia’s largest independent buyout firm, and TPG, a leading global alternative asset firm, have completed the acquisition of Wharf T&T Limited from The Wharf (Holdings) Limited on 9 November 2016.The transaction values Wharf T&T at HK$9.5 billion.
Wharf T&T is the largest purely enterprise-focused Information and Communications Technology (ICT) service provider in Hong Kong, and has an extensive fibre-optic network covering 5,100 commercial buildings and 90% of the commercial market in Hong Kong. Wharf T&T has been a trusted partner for business customers providing a rich ICT service portfolio ranging from data connectivity, high-speed internet access, IP-based voice telephony, public cloud services to complex mission-critical system integration solutions to over 53,000 enterprises in Hong Kong.
Both MBK Partners and TPG have proven track records of building world-class companies as well as successfully investing in Asian telecommunications, media and technology assets. To name a few, this includes Apex Logistics, China Network Systems, Gala TV, Invoice, and Universal Studios Japan for MBK Partners. For TPG, this includes Avaya, Apollo Towers, Cirque Du Soleil, Lenovo, Spotify and Uber. These are some classic examples of household or professional brands that underline their credentials.
Vincent Ma, who is currently President of Wharf T&T and will assume the position of CEO with immediate effect said, “Wharf T&T will benefit immensely from the visions and inspirations of the new owners, bringing further momentum to the company’s growth. The extensive network of strategic alliance of MBK Partners and TPG also presents Wharf T&T with an abundance of innovative products and service opportunities. Wharf T&T is well positioned to build on our current success and excel in our next phase of growth and development.”
Teck Chien Kong, Partner of MBK Partners said, “The increasing importance of Information and Communications Technology makes this an exciting stage in Wharf T&T’s development. Through this partnership among MBK Partners, TPG, and Wharf T&T, we hope to build on the company’s track record of excellence and innovation to bring even more products and services to customers, further supporting customers on their day-to-day operations.”
Ricky Lau, Partner of TPG added, “We fully support Wharf T&T’s existing core management and the highly qualified operations team. They have produced outstanding achievements and will further enhance the business with maximum flexibility in the future. Wharf T&T will be professionally managed by the current team and we are confident that the company will continue to be the trusted partner for its customers, addressing their ever-changing ICT needs.”
“The team is committed to working closely together to build an even better company that our employees, customers, and partners will all be proud of. We are very confident that, with the support of MBK Partners and TPG, the best is yet to come,” Vincent Ma added.
About Wharf T&T Limited
About MBK Partners
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